Assemblywoman Smith Unclaimed Property Bill Signed into Law
SACRAMENTO, CA — After successfully passing both chambers of the California State Legislature, Assemblywoman Christy Smith (D-Santa Clarita) is pleased to announce that her measure, Assembly Bill (AB) 1637, has been signed into law by Governor Gavin Newsom. AB 1637 works with the State Controller’s Office (SCO) to streamline the property claim process, alleviating complications and promoting more convenience for local agencies.
The SCO currently safeguards billions of dollars’ worth of unclaimed property. AB 1637 returns money directly to local and state agencies without requiring these entities to file a claim.
As of January 2019, the SCO is holding more than 48 million properties, worth an estimated $9.3 billion. Roughly 293,000 properties, worth approximately $31.3 million, belong to state and local government entities. For a full list of unclaimed properties across the state, visit claimit.ca.gov.
“I’m incredibly proud that the Governor has signed my bill into law so that government efficiency is improved and the community receives the rightful property and resources they are entitled,” Assemblywoman Smith said. “It’s my honor to represent the 38th Assembly District and see effective legislation come to fruition that not only positively impacts our area, but also all Californians.”
“Returning government-owned properties automatically will cut bureaucratic red tape, put critical taxpayer dollars back into programs where they belong and allow my team to focus our efforts on reuniting the properties we are safeguarding with individuals throughout California,” State Controller Betty Yee said.
AB 1637 received the backing of organizations such as League of California Cities and bipartisan, unanimous support from the State Assembly and Senate.
Assemblywoman Christy Smith represents California’s 38th Assembly District, which includes the communities of Santa Clarita, Simi Valley, Agua Dulce, Castaic, Santa Susana Knolls and North San Fernando Valley.
CONTACT: Danni.Wang@asm.ca.gov, (661) 286-1565